HI HB566

Establishes a two-year Hawaii Office of Naval Research Grant Program within the Department of Business, Economic Development, and Tourism, operating from July 1, 2023 through June 30, 2025.

Authorizes the Hawaii Technology Development Corporation to provide matching grants equal to fifty percent of Department of Defense Office of Naval Research awards to eligible Hawaii businesses conducting alternative energy research in fields including geothermal, solar, wind, ocean power, bioenergy, smart grids, and transportation.

Requires eligible businesses to be sixty percent or more resident-owned, organized as for-profit entities under Hawaii law, operating in the state for at least one year, and conducting research with high technology readiness level or implementation potential.

Establishes the Alternative Energy Research and Development Revolving Fund to support the grant program, with all unencumbered balances reverting to the general fund when the program expires on June 30, 2025.

Appropriates funds from general revenues into the revolving fund for fiscal years 2023-2024 and 2024-2025, with specific amounts left blank in the bill text.